Understanding Financial Aid for Passport to College Students

Transcription

1 Understanding Financial Aid for Passport to College Students 2013

2 Topics Financial Aid Basics Federal and State Programs Foster Youth Specific Financial Aid After Enrollment Resources 2

3 Financial Aid Basics 3

4 Financial Aid Terms Need-based aid Determined by Free Application for Federal Student Aid (FAFSA) and/or other statement of financial need Merit-based aid Determined by other factors such as: talent, academics, and special interests

5 Types of Financial Aid Gift Aid No repayment Grants - eligibility based on need Scholarships - eligibility may be based on need, merit only, or combination Loans Must be repaid Federal and Private Loans Students do not have to accept all funds offered Conditional Scholarships (loan repayment or loan forgiveness) A loan that is forgiven for eligible service or require repayment (usually career specific such as teaching or health professions) 5

6 Types of Financial Aid Employment Work Study Wages subsidized by government Federal Work Study State Work Study Priority funding for foster youth Not considered other state aid for College Bound award Both programs are part of financial aid award package Institution or Private Employer May be on campus or off campus Not part of financial aid package 6

7 Free Application for Federal Student Aid (FAFSA) Required by all colleges that participate in the Passport to College Scholarship Helps evaluate student s ability to pay for college Calculates the Expected Family Contribution (EFC) Determines eligibility for financial aid Student should file as soon after January 1st as possible and know the college s priority deadline Complete a FAFSA every year in college Available in English and Spanish FAFSA 7

8 Expected Family Contribution (EFC) The information reported on the FAFSA is used to calculate EFC, which schools use to determine federal student aid eligibility and financial aid award amount. The EFC takes into account Parents income & assets* Student s income & assets Family size Number of family members in college Protection allowances *If a student was in foster care at any time after age 13, they are considered independent and do not include parental information. 8

9 Financial Need Formula College Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need College #1 COA College #2 COA College #3 COA EFC College #1 Financial Need College #2 Your Financial Need College #3 Your Financial Need Cost of Attendance Varies by College Expected Family Contribution Constant regardless of college cost Your Financial Need Varies by College 9

10 Financial Need Formula EXAMPLE Community College Public 4-Year Private 4-Year COA $15,000 $21,000 $40,000 EFC $3,100 $3,100 $3,100 Financial Need $11,900 $17,900 $36,900 10

11 More about Federal and State Financial Aid 11

12 Eligibility for Federal Aid To be eligible for federal financial aid a student must: Have financial need Be a U.S. Citizen or eligible non-citizen for most programs, and have a valid Social Security Number (SSN) Students who received SSN through the Deferred Action for Childhood Arrivals (DACA) are not eligible to receive federal student aid because DACA does not change citizenship Make satisfactory academic progress (SAP) - as defined by the college Not be in default on a student loan or in repayment of grant funds at any college 12

13 Federal Pell Grants Available to eligible undergraduate students Portable to all participating colleges in the country Actual award amount based on COA, EFC, and enrollment status Maximum award for = $5,550 Eligible for up to six years Application is the FAFSA 13

14 Washington State Need Grant Serves more than 70,000 undergraduate students Need-based aid for those below 70% Median Family Income (MFI) Priority funding to foster youth Amount varies by sector, and ranges from $1,412-$10,868 (for full-time students in ) Application is the FAFSA 14

15 College Bound Scholarship (CBS) The College Bound Scholarship program was created in 2007, to improve Washington s high school graduation rates and college enrollment for low-income students. Early promise of financial aid to qualifying 7th and 8th graders Combines with State Need Grant and other state aid to cover tuition (at public college rates, plus a small book allowance) Can be used at two or four year public colleges and some private colleges in Washington ACT/SAT test fee waivers for College Bound/Foster youth To join the listserv, CollegeBound@wsac.wa.gov 15

16 College Bound Scholarship Rules Graduate from high school with a 2.0 GPA (No GED) Be a good citizen with no felony convictions (Must self-report) Enroll in college within one year of high school graduation at one of 68 eligible institutions in Washington Use the four-year undergraduate scholarship within five years of high school graduation Maintain college s satisfactory academic progress (SAP) File the FAFSA every year in college and continue to be income eligible If ineligible one year (due to income, citizenship, enrolled in a non-eligible institution etc.) eligibility will be re-evaluated in subsequent years 16

17 Foster Youth Enrollment in College Bound Foster Youth in grades 7-12, or up to age 21 and have not graduated from high school, are automatically enrolled (as of July 1, 2012). Information provided by data exchange between Department of Social and Health Services (DSHS) and the Student Achievement Council Youth receive a College Bound Certificate at their school (they are not identified as foster youth) Youth may contact the Council s College Bound staff to confirm enrollment at

18 College Bound Scholarship Award Amount The College Bound Scholarship amount varies for each student Tuition rates vary based on type of school attending Living Expenses Maximum award is based on tuition and $500 book allowance at public institution rates Maximum awards range from $4,400 to $11,900 depending Other state financial aid awarded is subtracted State Need Grant, Passport to College Scholarship, Opportunity Scholarship, and SBCTC Opportunity Grant Total Cost Per Year Note: Federal aid, private scholarships, and loans may be used for living expenses Public Tuition and Fees 18

19 No College Bound Award Graduates with a 2.0 May Not Receive a Scholarship if: The student s total financial aid is greater than need Example: a student with lower living expenses attending a lower cost college may not have room in their aid package Student is attending part-time State promise of tuition and fees fulfilled via other state financial aid Student does not meet other requirements such as residency or academic standards Student is not attending an eligible institution 19

20 College Bound Program Officers Each ESD has a College Bound Program Officer from the College Success Foundation who works with districts and schools on designing and implementing College Bound outreach strategies College Bound Program Officers work on FAFSA completion strategies including the marketing and recruitment to January FAFSA completion events For more information call (425)

21 TheWashBoard.org More than $48 million offered in scholarships last year Scholarships are diverse and support a variety of students, not just high school seniors Only 32% require a GPA higher than % of listings are not based on financial need 28% of scholarships listed are renewable Customer Service: admin@thewashboard.org 21

22 Recently completed upgrades, including improved matches and updated screens for easier navigation New 30-day test account No data retained after account deleted Ability to change to permanent account, if the users decides to continue Many resources online and saved on the TWB pen. Upgrade and Resources 22

23 Foster Youth Specific Financial Aid 23

24 Foster Care Youth Scholarship programs work together to improve outreach to foster youth, encourage their aspiration for college, and to assist with college completion Financial Aid Programs for Foster Youth: Passport to College Consent form is the application Education and Training Voucher Online app closes in June Governors Scholarship Online app closes in December 24

25 Passport to College Passport is state funded and administered by the Council Youth must provide consent through FAFSA, Common Application, or Passport Consent Form Three primary components: 1. SETuP pre-college support for youth ages 14 through Scholarship for up to five years (currently $4,500) 3. Incentive grants provided to institutions offering intensive support services through campus Viable Plan 25

26 Passport to College Scholarship Legislation enabled a data sharing between state agencies to identify youth eligible for the program Serves about 400 students each year Must be a dependant of Washington state Students activate award by attending college by age 22 The scholarship may be used at any eligible college in Washington Contract with CSF for additional support services and mentoring-contact vsmith@collegesuccessfoundation.org 26

27 Passport Outcomes On-time graduation rate for foster youth is 44% About 1/3 of Passport eligible youth enroll About 2/3 of Passport students persist to 2 nd year 477 students received SETuP services, 76% of Seniors enroll in college 100% of middle and high school youth in care will be enrolled in the College Bound Scholarship 525 youth were Passport eligible when they aged out of care in 2011 About 60% express an intent to enroll (FAFSA) and about half of those youth do so About 30% of eligible students enrolled Most students enroll at a two-year college An additional 4% enroll at an ineligible campus or program Passport students are re-enrolling at about the same rate as other lowincome students 70 community college Passport students earned a credential by Spring

28 The Portal Used by financial aid staff and DSS for: Identification of Passport eligible youth Entering student awards Communication through secure messaging function 28

29 Education and Training Voucher Federally funded and administered by Department of Social and Health Services Serves about 300 youth from care each year First time applicants apply online and renew each year maximum award amount is $4,000 Funds may be used for books, supplies, housing, transportation and other eligible educational expenses May receive funding up to age 23 if they meet ETV requirements May attend an accredited college in Washington, or out of state Contact Khris Blumer at for more information 29

30 Governors Scholarship Privately funded and administered by College Success Foundation Recipients must have open dependency court order in Washington state (includes tribal care, federally recognized unaccompanied minor refugees Each cohort is made up of about 50 youth Students must apply in their senior year of high school and have a minimum 2.0 GPA Awards range from $2,000 to $4,000 CSF provides intensive support services to recipients Students must attend full time in Washington Application is on the CSF web site Last application cycle closed in December

31 After Enrollment 31

32 Know What can Impact Aid Be sure students know withdrawal and add/drop dates Students must maintain satisfactory academic progress (SAP) to receive financial aid Grading indicators that could make a student may go into repayment and ineligible for aid: W I F NP SAP Withdrawal Incomplete Fail Not pass Satisfactory Academic Progress 32

33 Overpayment may Cause Repayment Students need to understand that a grant is considered free money if it is used for educational expenses If a student drops out, they may be responsible for repaying the money they received, even if it was a grant 33

34 What May Not Impact Aid Reduction in 1-2 units under some circumstances Student receives an incomplete Full aid has not yet been paid A portion of the course is completed even if an F is earned Other considerations Satisfactory Academic Progress (SAP) Impact on GPA and Transfer Requirements 34

35 Consequences Repayment is required and is not dismissible through bankruptcy School may place a hold on enrollment and refuse transcript requests Repayment status from government aid is reported back to the source who may take action such as liens and garnishments Limits ability to receive federal aid at any school Lifting a hold on enrollment School can repay debt and make arrangements with student for repayment Once hold is lifted, student is eligible for aid again Even relatively small aid debt can derail a foster youth s academic career if unaddressed! 35

36 Encourage Students to Ask for Help If eligible for Passport talk to the campus Passport Designated Support Staff (DSS), available on most campuses Meet with the financial aid office before dropping classes or withdrawing and respond quickly to requests Help the student understand the difference between a withdrawal, incomplete, and failed class Consult an academic counselor Ask if the college has a Passport Navigator or mentors Connect with the DSS for help finding a tutor Talk to professors if they are having trouble Ask for extra credit work Ask how they might be able to better their grade 36

37 Resources 37

38 Coming Soon... ReadySetGrad.org A new website for students, families, and educators 38

39 Statewide Support System Passport DSS contact list College Success Foundation NELA Center for Student Success College Goal Sunday Washington College Access Network GEAR UP TRIO College Bound Blog I Am College Bound 39

40 Washington Resources For students from foster care and to access information on the ETV program: College Success Foundation: College Bound information: Council financial aid programs: Washington Scholarships: Resources for students who are not U.S. citizens: 40

41 For more information FAFSA and general financial aid information: Financial Aid Counseling Tool for borrowers Shopping Sheet sample award letter format Publications and workbooks MyFSA with savings calculator & college finder Campus websites have a net price calculator average aid awards 41